Hastings Entertainment swings to loss in Q1

MichaelBaron

Hastings Entertainment
HAST, +0.00%
is reporting a first-quarter loss of $1.1 million, or 9 cents per share, down from its year-ago profit of $600,000, or 5 cents per share. The latest results include a charge of $500,000, or 5 cents per share, related to adoption of new accounting standards. A single analyst polled by Thomson First Call was looking for a profit of 2 cents per share in the period but the company said the loss was less than its internal projections. Revenue rose 3.5 percent in the latest three months to $116.8 million from $112.8 million in the same period a year earlier. The Amarillo, Texas-based entertainment products retailer attributed the revenue growth to a 9.5 percent increase in same-store video rental revenue. Looking ahead, the company adjusted its outlook, saying it expects earnings of 27 to 32 cents per share for the fiscal year ending Jan. 31.

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